In a recent video interview with Bloomberg, Brad Garlinghouse, the Chief Executive Officer of the leading blockchain remittance company Ripple, spoke about the predictions regarding the regulatory framework in the FinTech industry. He talked about some of the most significant factors that would change the mindset of institutional investors to lean towards digital assets market.
He began by stating that institutional investors and big companies require assurance on the matter and that can be delivered through a global framework. Subsequently, he mentioned some of the countries that have begun to march forward and become progressive in the area, to provide regulatory clarity. For instance, the Monetary Authority of Singapore [MAS] has taken up leadership whereas Thailand, the Phillippines and Japan are also ahead in the game.
The Ripple chief also cited the United States and mentioned that the nation lacks clarity over regulatory frameworks. In particular, he mentioned that while the Securities and Exchange Commission [SEC] is working on the regulations, the progress is relatively slow and requires a lot more work. In his words:
“Even in the United States, there’s some lack of clarity, particularly around the SEC and something they announced regarding ICOs. But there’s still work to be done on that. And I think until that clarity is there, it’s hard for companies to invest in a big way.”
Regarding the predictions for 2018, Garlinghouse opined that the digital asset class and FinTech has been an underachiever, as the fourth quarter of the year is already here. Furthermore, the leader expected more institutional participation by this time of the year.
However, the regulatory uncertainty is a major cause that let down the progress of digital assets within the industry, he implied. Custody solutions and security could also be the reasons for the mentioned underachievement of the crypto-assets in terms of institutional adoption and usage.
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XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”
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